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Venezuela: Bolivar, Update, Petro receives a unit of account

7d84350b26f5a3f24632186f832c14ce - Venezuela: Bolivar, Update, Petro receives a unit of account

In Venezuela, in future there will be two official currencies. In addition to the inflation-stricken Bolivar, there will be the national cryptocurrency Petro a second official unit of account.

As the Spanish newspaper ABC International reported, announced Venezuelan President Nicolás Maduro on may 13. August in a televised address that it was in Venezuela in the future, should be possible to pay for salaries, Goods and services in Petro.

“As of Monday [the 20th century.August] is Venezuela a second billing unit that is based on the price, the value of the Oil. There will be a second unit of account of the Republic and as a mandatory unit of account of our Oil industry PDVSA”,

it was said in the speech. Furthermore, Maduro announced a “new pricing system for Goods and services, which are anchored in the Oil. The new pricing system aims to deliver a “substantial improvement in the income of the workers”.

Minus five zeros

In the Wake of the currency changeover, the Venezuelan sweeps Central Bank of of five zeros from the national currency, the Bolivar. The new notes will also be added to the word Bolivar with the addition of “soberano” (“sovereign”). The government and the Central Bank initiated the step to the Hyperinflation of the Bolivar counter. This is supposed to be, according to estimates by the International monetary Fund, IMF, by the end of this year, a Million percent.

Concrete Figures are not called Maduro, in his televised address. He leaves the Central Bank (El Banco Central, BCV):

“[The CBA] will begin to publish the official Figures on the value of the sovereign Bolivar in dependence on Oil and the value of Oil in relation to the international currencies”,

With the currency conversion should be provided in addition, speculation on the Bolivar stop. To facilitate the entry into force of the currency changeover and the output of the banknotes, Maduro declared the coming Monday for a work-free day. Old and new banknotes to coexist for the time being. The old Bolivar notes are then pulled out of the traffic.

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